LON Wong, adviser of the Foundation NEM and head TomoChain, blockchain— based network that uses the mechanism of consensus in a “150— node architecture for a voting system based on the evidence of share of ownership”, recently gave an interview with Tech in Asia, in which he said that the technology is a distributed registry (DLT) is not only able to transform the financial sector, but also able to run other business processes in the high-tech industry.

According to Wong, the first time he learned about blockchain technology in 2013, when he received a doctorate in Economics at the University of Massachusetts. Now co-founder of the NEM believe that many usage scenarios DLT lie outside the cryptocurrency. He says:

I have a completely different view of the blockchain and cryptocurrency. The model of the distributed registry enables the use of tokens and to build applications on the blockchain, which is much more interesting than just to have a cryptocurrency such as bitcoin. We advocate for the global economy to which everyone can join and participate in it in accordance with the fair and honest rules. Now not only experts in Silicon valley to develop technology for the world, but people in Asia, South-East Asia and in Vietnam create products for the global market.

Criticizing the Ethereum network for low-speed transaction processing and a relatively high fee, Wong said:

The transactions should be similar to forward message: the process must be rapid, and the Commission is insignificant. In 2017, the Ethereum were not capable of it, and the situation since then has not changed.

As it became known, hardwork Ethereum Constantinople, originally scheduled for November 2018, was deferred to the end of January 2019. Many members of the crypto community have criticized network Ethereum because she was too overwhelmed decentralized applications and the ICO carried out on its blockchain.

There are alternatives to Ethereum in the form of networks EOS and Tron (TRX), also supports the programming contracts and the development of dappu. EOS and Tron was launched this summer, however, faced serious problems in management.

Recognizing that the initial stage of software development involves numerous trial and error, Wong notes:

[The introduction of blockchain networks] is at the start of the experiment. Until the beginning of 2018, we were going in a different direction, until I realized that it want to implement.

Wong explains that there is still an accumulation of experience and growth of knowledge, as some investors TomoChain “have a vague idea of what is a blockchain in the next five to ten years and how we come to it”.

Wong believes that to run a successful blockchain project must “have a clear vision of what platform you intend to build and how it will create value for other people”:

Whether it is intended for operations with cryptocurrency, or will it be an open platform for financial products?